Indian equity indices opened Wednesday’s trading session on a higher note. The NSE Nifty 50 opened 69 points or 0.27% higher at 25,308. The BSE Sensex opened 193 points or 0.23% higher at 82,574.
On the same verge, Bank Nifty opened 95 points or 0.17% higher at 55,243. Similarly, the small and midcap stocks opened the day higher. The Nifty Midcap rose 260 points or 0.44% to open at 59,060.
“Indian market futures are positive this morning, unlike the US and Asian markets, which are in wait-and-watch mode. Any US de-escalation of tariff rhetoric will be a sentiment booster for the Indian markets. The Fed rate cut tonight will be positive for EM flows on the back of a softer US dollar outlook,” said the market veteran, Ajay Bagga.
Technically, the Nifty index witnessed a price breakout above 25,160. “Going ahead, we reiterate our bullish view on the Nifty index intact till it is trading above 24,950 spot levels on a closing basis and expect it to test 25,350-25,500 spot levels,” said Vipin Kumar, Assistant Vice President of Technical and Derivatives Research at Globe Capital.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, stated that the market broke key resistance at 25,100, triggering intensified positive momentum supported by a long bullish daily candle and bullish intraday patterns. The market is likely to continue its upward trend as long as it stays above 25,100, with potential targets at 25,400 and 25,500.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Kotak Mahindra Bank, Larsen & Toubro, Mahindra & Mahindra, Eicher Motors, and Maruti Suzuki. On the flip side, the key laggards in the Nifty 50 pack included Shriram Finance, Asian Paints, Nestle India, Tata Consumer Products, and HDFC Life Insurance.
Major movers on Wednesday
The stocks that were the major movers in the opening trade included HDFC Bank, Reliance Industries, Tata Consumer Products, UltraTech Cement, and Infosys, which were the major movers in the morning trade.